Horizon Gold Ltd completed the acquisition of PKS Capital Corp. (TSXV:PKS.P) in a reverse merger transaction.
In connection with the proposed transaction, it is expected that there will be changes to PKS's management and Board of Directors. A new board nominated by Horizon Gold will be appointed and a majority of the current directors and officers of PKS shall resign at or prior to the closing of the proposed transaction. The members of management and board of the resulting issuer are expected to be namely Anders West, Chief Executive Officer and Director; Ravinder Kang, Chief Financial Officer and Corporate Secretary; Douglas J. Kirwin, Technical Advisor; Aidan Bishop, Director; Rupert Williams, Director; Peeyush Varshney, Director.
Completion of the transaction is subject to a number of conditions, including, but not limited to, completion of the Exchange approval, shareholder approval, if required pursuant to Exchange or corporate law requirements, receipt of all necessary approvals of the boards of directors of PKS and Horizon Gold, receipt of all necessary third party consents and PKS satisfying the initial listing requirements of the Exchange for a Tier 2 mining issuer. In addition, completion of the proposed transaction is subject to certain standard closing conditions, including the completion of due diligence investigations to the satisfaction of each of PKS and Horizon Gold, execution of a Definitive Agreement, and there being no material adverse change in the business of PKS or Horizon Gold prior to completion of the proposed transaction. PKS intends to hold a special meeting of its shareholders with respect to the proposed transaction if required under securities law or Exchange requirements. The transaction does not require PKS to obtain shareholder approval for the transaction.
Horizon Gold Ltd completed the acquisition of PKS Capital Corp. (TSXV:PKS.P) in a reverse merger transaction on July 19, 2021. An aggregate of 20.6 million common shares of PKS Capital have been issued to the former Horizon shareholders. These common shares are subject to escrow in accordance with a Tier 2 Surplus Security escrow agreement. PKS Capital has completed the non-brokered private placement of 7 million units of the Company (the "Units") at $0.25 per Unit for gross proceeds of $1.75. PKS Capital Corp. has changed its name to Norrland Gold Corp. and will commence trading under the symbol NORR on July 21, 2021.